On the way to the bank to make a deposit, an employee loses the bank bag. How is this money covered?

On the way to the bank to make a deposit, an employee loses the bank bag. How is this money covered?

• A. Money and Securities
• B. Robbery
• C. Burglary
• D. Employee Theft

Answer: (A)

Money and Securities coverage in crime insurance protects against loss of cash and negotiable instruments while they’re in custody or in transit. In this scenario, the bank bag containing money is lost while being transported to the bank, which is precisely a loss of money in transit. This type of loss is what Money and Securities covers, even if no suspect is identified. Robbery would apply to a forceful theft by a third party, often at the time of the crime, or in some policies a loss caused by a robbery event. Burglary involves unlawful entry with theft at a building or premises, not an in‑transit loss. Employee Theft covers misappropriation or theft by an employee, which isn’t indicated here since the bag was just lost, not stolen by the employee. So the best fit for this loss is Money and Securities.

Money and Securities coverage in crime insurance protects against loss of cash and negotiable instruments while they’re in custody or in transit. In this scenario, the bank bag containing money is lost while being transported to the bank, which is precisely a loss of money in transit. This type of loss is what Money and Securities covers, even if no suspect is identified.

Robbery would apply to a forceful theft by a third party, often at the time of the crime, or in some policies a loss caused by a robbery event. Burglary involves unlawful entry with theft at a building or premises, not an in‑transit loss. Employee Theft covers misappropriation or theft by an employee, which isn’t indicated here since the bag was just lost, not stolen by the employee. So the best fit for this loss is Money and Securities.